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Nov 11, 2012
11/12
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you look at the fiscal cliff. that's 7 trillion in ten years with no thought, no nuance, no kind of strategy about what's the best for america -- >> it's a sledgehammer. >> instead of a big dull hatchet, we need a scalpel with a bunch of surgeons. and congress is sitting there with saying they're going to get there. and that's bad. >> your solution is a lot more surgical. as david said, he went around the country and talked to people, and i found the same thing when i was on the cnn express on that bus trip, people understand what this means. they understand that we have to cut back on our spending but they are concerned about the lack of sophistication with which washington is handling this. >> yeah, but when? i get so sick of this. everybody says we have to cut spending. even my good friend david walker who i have so much respect for. david, when are we going to cut the spending? the answer always seems to be we'll do it next year or the year after that. it's not such a bad thing if we start now. i'm not so oppo
you look at the fiscal cliff. that's 7 trillion in ten years with no thought, no nuance, no kind of strategy about what's the best for america -- >> it's a sledgehammer. >> instead of a big dull hatchet, we need a scalpel with a bunch of surgeons. and congress is sitting there with saying they're going to get there. and that's bad. >> your solution is a lot more surgical. as david said, he went around the country and talked to people, and i found the same thing when i was on...
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Nov 10, 2012
11/12
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you look at the fiscal cliff. that is $7 trillion in ten years with no thought, no nuance, no kind of strategy about what's the best for america. >> it's a sledgehammer. >> it's a big, dull hatchet when we need a sexual pep a a bunch of surgeons. that's the problem here. they need -- going off the fiscal cliff, and it is popular now to say maybe we should go off for a while -- >> that is gaining popularity. stephen moore, you and david have really spent a lot of time on this. your approaches to this are a little more certain. a lot more surgical. isn't that problem though, stephen? as david said, went around the country and talked to people. i found the same thing when i was on the cnn express on that bus trip. people understand what this means. they understand that we have to cut back on our spending. they are concerned about the lack of sophistication with which washington is handling this. >> yeah, but when? look, i get so sick of it. everybody says we have to cut spending. even my good friend david walker who
you look at the fiscal cliff. that is $7 trillion in ten years with no thought, no nuance, no kind of strategy about what's the best for america. >> it's a sledgehammer. >> it's a big, dull hatchet when we need a sexual pep a a bunch of surgeons. that's the problem here. they need -- going off the fiscal cliff, and it is popular now to say maybe we should go off for a while -- >> that is gaining popularity. stephen moore, you and david have really spent a lot of time on this....
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Nov 18, 2012
11/12
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first, nobody wants to go over the fiscal cliff. as you said, this implies a recession, it implies unemployment going up, and it implies us shooting ourselves in the foot at a time when the global environment is much more difficult. see what's happening in europe, in the middle east, in china. second of all, you just had an election, and one of the messages of the election was one of shared responsibility and fairer burden sharing, in which the rich have done extremely well not just on the outside but also in terms of being protected on the down side. finally, and more importantly, the economic arguments against this, while they would be valid at higher tax rates are not valid here. so if you look at the hand the president has, it is stronger than the republicans', and i think both of them will want to seek some sort of compromise. >> it sounds so reasonable. let's bring in steve warren. he's an editor at the wall street journal, a conservative. steven, do you agree, are the republicans ready to strike a deal with the president if i
first, nobody wants to go over the fiscal cliff. as you said, this implies a recession, it implies unemployment going up, and it implies us shooting ourselves in the foot at a time when the global environment is much more difficult. see what's happening in europe, in the middle east, in china. second of all, you just had an election, and one of the messages of the election was one of shared responsibility and fairer burden sharing, in which the rich have done extremely well not just on the...
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Sep 22, 2012
09/12
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falls over the fiscal cliff. that fiscal cliff is a combination of tax increases and budget cuts that will hit at the beginning of next year unless of course congress does its job and fixes it. some of the cuts to education programs would hurt at-risk students. pell grants are safe at least for next year, but most other financial aid programs face a 8.8% cut. other programs would be cut as well, that means less money to support smaller class rooms, after school programs. programs that support research would also be scaled back. the rest of the world is moving forward. u.s. college graduate rates are among the highest in the world, but the organization for economic development said the world is catching up quickly and may surpass the u.s. the u.s. ranked 22nd out of 27 countries, and just 27% of students in the u.s. with parents who didn't graduate from high school will go on to attend college. that's worse than any other country except new zealand and canada. we're cover lg of the issues important to you this wee
falls over the fiscal cliff. that fiscal cliff is a combination of tax increases and budget cuts that will hit at the beginning of next year unless of course congress does its job and fixes it. some of the cuts to education programs would hurt at-risk students. pell grants are safe at least for next year, but most other financial aid programs face a 8.8% cut. other programs would be cut as well, that means less money to support smaller class rooms, after school programs. programs that support...
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Oct 6, 2012
10/12
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i'm talking about the fiscal cliff. more than $600 billion worth of budget cuts and tax hikes for next year mandated to start taking effect as early as january 1st. what can happen you can. let's bring in christine romans. she's the host of your bottom line to answer that very question. >> i cannot confirm or deny you're full of hot air but i can tell you tax hikes will affect us all if nothing is done avert this fiscal cliff. here's what we're looking at. tax policy center forecasts erican households will pay on average $3,500 more in tax physician congress let the bush era tax cuts expire for everyone. what effect could that and across the board spending cuts have on the wider economy? a new report from the center for regional analysis at george mason university predicts that some 277,000 federal employees will lose their jobs in the next 12 months. that's 14% of the federal workforce. and 14 of the 17 economists surveyed by cnn money predict fiscal cliff will cause a new recession. interestingly all 17 believe the ec
i'm talking about the fiscal cliff. more than $600 billion worth of budget cuts and tax hikes for next year mandated to start taking effect as early as january 1st. what can happen you can. let's bring in christine romans. she's the host of your bottom line to answer that very question. >> i cannot confirm or deny you're full of hot air but i can tell you tax hikes will affect us all if nothing is done avert this fiscal cliff. here's what we're looking at. tax policy center forecasts...
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Oct 7, 2012
10/12
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i'm talking about the fiscal cliff. that's more than $600 billion of budget cuts and tax hikes for next year mandated to start taking effect as early as january 1st. now, what can happen, you ask? let's bring in christine romans. she's the host of "your bottom line" to answer that very question. christine? >> ail, i cannot confirm or deny that you're full of hot air, but i can tell you tax hikes will affect us all if nothing is done to avert this fiscal cliff. here's what we're looking@t at the beginning of the year. taxpayers will pay $3,000 more in taxes if they don't do anything. a new report from the center of regional analysis at george mason university predicts that some 277,000 federal employees will lose their jobs in the next 12 months. that's 14% of the federal work force. and 14 of the 17 economists surveyed by cnn money, ali, they predict the fiscal cliff will cause a new recession. interestingly, all 17 believe the economy won't plunge off the cliff becau they think congress will finally get its act togethe
i'm talking about the fiscal cliff. that's more than $600 billion of budget cuts and tax hikes for next year mandated to start taking effect as early as january 1st. now, what can happen, you ask? let's bring in christine romans. she's the host of "your bottom line" to answer that very question. christine? >> ail, i cannot confirm or deny that you're full of hot air, but i can tell you tax hikes will affect us all if nothing is done to avert this fiscal cliff. here's what we're...
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Sep 23, 2012
09/12
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falls over the fiscal cliff, that fiscal cliff that will hit at the beginning of next year. some of the education programs will hurt at risk students. pell grants are safe for next year. but most federal aid grants face an 8.2% cut. programs that support research would also be scaled back and while congress is busy doing nothing, the rest of the world is moving forward. u.s. college situation rates are the highest in the world. the rest of the world is catching up quickly and may surpass the u.s. for high school graduation, the u.s. ranks much worse, 22nd out of 27 countries. and just 29% of students in the u.s. whose parents didn't graduate from high school will go on to finish college. that's worst than every other country except new zealand and canada. >>> an obama boom or a romney rally. how your vote may put money in your portfolio. the stocks to pick if you think your guys is going to win in november. >>> conventional wisdom says republicans are better than democrats for the stock market. always question conventional wisdom. this is the whilshire 5,000, it's the broade
falls over the fiscal cliff, that fiscal cliff that will hit at the beginning of next year. some of the education programs will hurt at risk students. pell grants are safe for next year. but most federal aid grants face an 8.2% cut. programs that support research would also be scaled back and while congress is busy doing nothing, the rest of the world is moving forward. u.s. college situation rates are the highest in the world. the rest of the world is catching up quickly and may surpass the...
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Dec 9, 2012
12/12
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i have been warning you about this fiscal cliff for months now. i call it the economic storm of our own making, but some of you think all the talk is overblown. will a failure by washington really mean catastrophe for the economy? i'm going to debate with richard quest, next. [ roasting firewood ] ♪ many hot dogs are within you. try pepto-bismol to-go, it's the power of pepto, but it fits in your pocket. now tell the world daniel... of pepto-bismol to-go. >>> time now for q and a. three weeks left to do a deal and yet, lawmakers in washington -- promising to cut trillions, but republicans insist it could be done without raising taxes on the rich. president obama insists at a nonstarter. what happens if there's no deal? are we as some argue, maybing too much of the fiscal cliff deadline? would it really be a catastrophe to hit it, go over it, maybe for a little while. joining me now from london, richard quest, the host of quest means business on cnn international. i got 60 seconds. i'll go first. could be catastrophic if congress doesn't get a de
i have been warning you about this fiscal cliff for months now. i call it the economic storm of our own making, but some of you think all the talk is overblown. will a failure by washington really mean catastrophe for the economy? i'm going to debate with richard quest, next. [ roasting firewood ] ♪ many hot dogs are within you. try pepto-bismol to-go, it's the power of pepto, but it fits in your pocket. now tell the world daniel... of pepto-bismol to-go. >>> time now for q and a....
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Dec 8, 2012
12/12
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the fiscal cliff isn't catastrophic. congress's inability to ever foresee dangers and avoid them is. [ buzzer ] richard, you seem be bored by my answer. >> all right. so you want to play hardball. [ bell ringing ] you want to play hardball with international economics and see just what might happen. of course nothing will happen on january 1, the moment the fiscal cliff arrives. it's going to be a slow drip, drip, drip effect as people realize a slowing in spending, the taxes go up, consumers are worried. it won't happen overnight. there's going to be no dramatic over the cliff we go. instead, you will see an evaporation of confidence. you will see an evaporation of business decision-making. that is where the tumor and the cancer will begin. in the united kingdom we have just had higher borrowing numbers and lower growth forecasts. just last week the ecb came out with dreadful, dreadful numbers on how the euro zone is performing. recession this year and possibly next. and you want to play games with something as importan
the fiscal cliff isn't catastrophic. congress's inability to ever foresee dangers and avoid them is. [ buzzer ] richard, you seem be bored by my answer. >> all right. so you want to play hardball. [ bell ringing ] you want to play hardball with international economics and see just what might happen. of course nothing will happen on january 1, the moment the fiscal cliff arrives. it's going to be a slow drip, drip, drip effect as people realize a slowing in spending, the taxes go up,...
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Sep 30, 2012
09/12
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we just talked about the threat of the fiscal cliff, the u.s. centered storm, but we cannot ignore the head winds coming from europe. joining me now to debate this topic is host of "quest heemean business" on cnn international. richard, the question is will europe derail a u.s. recovery? give me 60 seconds on the clock starting right now. richard, the answer is categorically, absolutely yes. the storm hanging over europe just won't go away, and each day that it stays there is another day that europeans who have been among the biggest and best consumers of u.s.-produced goods and services are buying fewer and fewer of them despite two years of bad governance and poor decision making in europe, americans are sortly weirdly feeling better about their own economy. richard, evidenced by this week's consumer spending and housing numbers, but cheap money and low home prices are driving the americans sugar high. in the end, the austerity measures in europe are crushing its already pulverized economies into smithereens. the eurozone has an unemployment r
we just talked about the threat of the fiscal cliff, the u.s. centered storm, but we cannot ignore the head winds coming from europe. joining me now to debate this topic is host of "quest heemean business" on cnn international. richard, the question is will europe derail a u.s. recovery? give me 60 seconds on the clock starting right now. richard, the answer is categorically, absolutely yes. the storm hanging over europe just won't go away, and each day that it stays there is another...
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Nov 25, 2012
11/12
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i am not done hammering away at the fiscal cliff. it is still an immediate threat to the country's well-being and i will not stop until it is worked out. today i'm looking at the possibility of a renaissance, what i've been calling a golden lining on that storm cloud is the housing market. this week we got more encouraging news. existing home sales rose more than 2% in october after sagging earlier in the year. they are trending higher. now, with sales of homes picking up, the number of homes on the market, the inventory, is falling. inventory, look at that. this is all wait back from december of 2002. this is for the last ten years. inventory is at its lowest level since december of 2002. and that low inventory is putting upward pressure on home prices. the median sales price, that's the price where half of homes settled for more, half for less. the median price for existing homes, used homes, if you will, rose more than 11% in october compared to last year. $178,600 is the median price. housing starts jumped 3.6% last december. tha
i am not done hammering away at the fiscal cliff. it is still an immediate threat to the country's well-being and i will not stop until it is worked out. today i'm looking at the possibility of a renaissance, what i've been calling a golden lining on that storm cloud is the housing market. this week we got more encouraging news. existing home sales rose more than 2% in october after sagging earlier in the year. they are trending higher. now, with sales of homes picking up, the number of homes...
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Jul 1, 2012
07/12
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storm is actually a cliff, a fiscal cliff. that is the expiration of some tax cuts, some of which you'll know as the bush tax cuts, and some other benefits on midnight on december 31st if congress does nothing. i don't know about you, but i am pretty concerned about what this all adds up to. if you're not, that's good for america. you'll keep spending and if i'm wrong, then i'm wrong. i'll wear that. but i'm not running for office. my job is to arm you with the truth about what is happening in this economy. people's futures are at stake and now more than ever you need to be informed. joining me to discuss our best line of defense against this storm is stephen moore, editorial writer for "the wall street journal." diane swunk, mohammed alarian, ceo of pimco, the world's largest investor in bonds. romney-obama, romney-obama. who cares? it truly doesn't matter who is going to become the president of the united states. because if they win, the things that have to be done to fend off this storm have got to be done in congress and n
storm is actually a cliff, a fiscal cliff. that is the expiration of some tax cuts, some of which you'll know as the bush tax cuts, and some other benefits on midnight on december 31st if congress does nothing. i don't know about you, but i am pretty concerned about what this all adds up to. if you're not, that's good for america. you'll keep spending and if i'm wrong, then i'm wrong. i'll wear that. but i'm not running for office. my job is to arm you with the truth about what is happening in...
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Jun 23, 2012
06/12
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it's the so-called fiscal cliff. the series of tax increases and spending cuts that are set to kick in on january 1st. now the conventional wisdom is congress will get to it after the election. by then we could be in a recession. your presidential candidates tell you they can solve -- really they can't. it doesn't much matter who you vote for for president. the president gets altogether too much blame and credit for what goes on in the economy. you can cast a ballot for somebody this fall who can control the weather closer to your home. your member of congress. congress writes and if you believe in miracles, passes the types of laws that can fight off the coming storm. no matter what president obama or mitt romney say, they can only do so much to make you spend money and help create jobs. but congress can and should ultimately the best thing can you do is cast an informed ballot this fall for your senator, for your representative, for state and city officials and not one based on whether you're a democrat or republic
it's the so-called fiscal cliff. the series of tax increases and spending cuts that are set to kick in on january 1st. now the conventional wisdom is congress will get to it after the election. by then we could be in a recession. your presidential candidates tell you they can solve -- really they can't. it doesn't much matter who you vote for for president. the president gets altogether too much blame and credit for what goes on in the economy. you can cast a ballot for somebody this fall who...
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Oct 27, 2012
10/12
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this is the fiscal cliff. the $7 trillion worth of tax increases and spending cuts that begin on january 1st. i have been warning you about this part of the economic storm for months now, unless congress and the president act, your taxes will go up, millions of jobs could be lost and the congressional budget office says the u.s. economy will likely be plunged into recession. yet, it is something neither presidential candidate has adequately addressed. let's bring in my friend christine romans, host of "your bottom line". >> time is running out to fix it. it's a cliche but it's true. it actually came up in the last debate, the so-called sequester, that's the part of the fiscal cliff that mandates sharp automatic spending cuts. the president brushed it aside. >> it will not happen. >> it will not happen, he said. awfully confident, don't you think? that raised questions immediately, are there secret talks going on with congress to try to avoid the fiscal cliff? how else can be the president be so sure it will no
this is the fiscal cliff. the $7 trillion worth of tax increases and spending cuts that begin on january 1st. i have been warning you about this part of the economic storm for months now, unless congress and the president act, your taxes will go up, millions of jobs could be lost and the congressional budget office says the u.s. economy will likely be plunged into recession. yet, it is something neither presidential candidate has adequately addressed. let's bring in my friend christine romans,...
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Aug 26, 2012
08/12
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it's the fiscal cliff. we're talking about the effects of $1 trillion in automatic across the board spending cuts mandated by congress known as sequester. that combined with a series of tax increases including an end to the bush era tax cuts and a higher payroll tax. measures scheduled to start on january 2nd unless congress acts. don't hold your breath, folks. if you recall, the sequester legislation was passed a year ago to end a bitter debate then over extending the government's debt ceiling. intense partisan blackmail by both sides nearly shut down the government and led to a downgrade of the united states credit rating. now the enormous amount of spending cuts and tax increases, if they stand, will shrink your economy at a time when you expect your political leaders to do everything they can to stave off another recession. and a new report from the cbo says unemployment will rise, will rise to 9% in the second half of 2013. but what happens if lawmakers act and avoid taking us over a fiscal cliff? the
it's the fiscal cliff. we're talking about the effects of $1 trillion in automatic across the board spending cuts mandated by congress known as sequester. that combined with a series of tax increases including an end to the bush era tax cuts and a higher payroll tax. measures scheduled to start on january 2nd unless congress acts. don't hold your breath, folks. if you recall, the sequester legislation was passed a year ago to end a bitter debate then over extending the government's debt...
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Aug 11, 2012
08/12
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going to do about the fiscal cliff? >> governor romney has a very detailed plan. he goes after medicare, medicaid, social security. >> would you push that? >> he has all these things on the table. the thing i disagree ith, david, is that i think you're being too kind to president obama. the fact is he had a super majorityn the senate. he could have done anything he wanted and e he decided to take fixing things off the table. if we made a list of the problems he had when we took office, we have less money. if he had a tax reform that stimulated the economy, broaden the base, lowered the rates and stimulated that way, we wouldn't have the hangover now and we wouldn't have so many problems. >> we can do better. the three of us are agreed. but there are complicated things. maybe the president is getting too much blame and too much credit for what e he can do. love to soo you author some adst that talk about what congress can do and whether some of this can get done before the election. i will go on a limb and tell people to
going to do about the fiscal cliff? >> governor romney has a very detailed plan. he goes after medicare, medicaid, social security. >> would you push that? >> he has all these things on the table. the thing i disagree ith, david, is that i think you're being too kind to president obama. the fact is he had a super majorityn the senate. he could have done anything he wanted and e he decided to take fixing things off the table. if we made a list of the problems he had when we...
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Jun 24, 2012
06/12
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what is this fiscal cliff anyway? christine romans has been looking into it and is breaking it down for us. christine. >> it's bad. i'll see your storm and raise you a cliff, ali. two big forces are at play -- massive tack hikes, massive spending cuts. on january 1st the bush tax cuts, alternative minimum tax cuts expire. that means if nothing changes, your taxes will go up. at the same time medicare doctor pay will also go down. federal spending will be cut $1 trillion over the next nine years. half from defense and half from non-defense spending. the bipartisan policy center says that those cuts mean a loss of about 1 million jobs over two years. a million jobs over two years. not just government jobs, ali -- but jobs in the private sector as well. many from contractors working with the government. it will almost certainly cause a recession. the cbo says if congress drives us off that fiscal cliff, gdp will shrink at 1.9%. the economy is growing now. they're talking about early next year, seeing the economy shrink a
what is this fiscal cliff anyway? christine romans has been looking into it and is breaking it down for us. christine. >> it's bad. i'll see your storm and raise you a cliff, ali. two big forces are at play -- massive tack hikes, massive spending cuts. on january 1st the bush tax cuts, alternative minimum tax cuts expire. that means if nothing changes, your taxes will go up. at the same time medicare doctor pay will also go down. federal spending will be cut $1 trillion over the next nine...
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Dec 29, 2012
12/12
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Dec 30, 2012
12/12
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breaking news on the fiscal cliff. there's been a significant snag in the negotiations with just fewer than two days remaining to go. about 36 hours remaining on the countdown clock. dana bash is on capitol hill with latest. dana, what have you got? >> this kbifs you a good sense of where things stand. they're at a standstill. you see a lot of reporters milling around. it's behind this wall that you can't see. the democrats, all senate democrats are meeting now, getting a briefing from the senate democratic leader, harry reid and down this haul, which you can't see from here, the same thing is going on with republicans. at the podium we hope to hear from senate majority leader, harry reid. in terms of where things stand, they're frozens it goes. earlier today, we explained that the reason from the democrats point of view is that they got an offer from republicans that includes what was known as chained cpi, which you've been explaining means social security checks would be smaller for social security recipients, which
breaking news on the fiscal cliff. there's been a significant snag in the negotiations with just fewer than two days remaining to go. about 36 hours remaining on the countdown clock. dana bash is on capitol hill with latest. dana, what have you got? >> this kbifs you a good sense of where things stand. they're at a standstill. you see a lot of reporters milling around. it's behind this wall that you can't see. the democrats, all senate democrats are meeting now, getting a briefing from...
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Sep 16, 2012
09/12
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but the issue is the same congress that brought you the fiscal cliff and now has to fix the fiscal cliff, we're asking them to figure out a way to invest in our country in the future. no way, they'd have to be reincarnated into a different group of people. >> but it was a time in this country, ali, where the top businessmen used to get together. they didn't conspire to do anything, but they did try to set priorities for the country. we can recreate that kind of environment again and maybe that should be the top priority that would lead to an infrastructure bank because private enterprise must be involved in this project and we've got to get them all together and say hey, guys, we have a massive problem in the united states of america, but if we roll up our sleeves like we did in the second world war, we can win. >> we're going to talk about this a lot over the coming weeks. maybe somebody will decide they're going to make infrastructure part of their campaign. >>> coming up next, one of the nation's largest public works project. still paying for new york's latest and most expensive subwa
but the issue is the same congress that brought you the fiscal cliff and now has to fix the fiscal cliff, we're asking them to figure out a way to invest in our country in the future. no way, they'd have to be reincarnated into a different group of people. >> but it was a time in this country, ali, where the top businessmen used to get together. they didn't conspire to do anything, but they did try to set priorities for the country. we can recreate that kind of environment again and maybe...
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Sep 15, 2012
09/12
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so america, you could get pushed over that fiscal cliff that i think will wreak havoc on the economy. well, stephen moore is an editorial writer at "the wall street journal." stephen, you'd rather cut off your toe than increase america's debt. so why shouldn't we put that -- why should we be putting that off until after the storm? >> look, ali, i have to say, i'm frustrated with this discussion. because, you know, this fiscal storm that you're talking about, the economic storm, you're right, it's here. i think a lot of americans think it never left, from 2008. but, look, at some point, you have to pay the piper. and what frustrates me is, ali, when we discussed this three or four years ago, you were all in favor of the big $830 billion stimulus bill, and many of these other programs -- >> yep. >> and what you're essentially saying right now, ali, is, boy, whoever thought this was going to happen, we have to pay the piper. and of course that always happens. and it seems to me what you're saying is, let's continue to borrow, let's continue to have what ben bernanke wants, which is easy
so america, you could get pushed over that fiscal cliff that i think will wreak havoc on the economy. well, stephen moore is an editorial writer at "the wall street journal." stephen, you'd rather cut off your toe than increase america's debt. so why shouldn't we put that -- why should we be putting that off until after the storm? >> look, ali, i have to say, i'm frustrated with this discussion. because, you know, this fiscal storm that you're talking about, the economic storm,...
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Nov 3, 2012
11/12
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they can delay the fiscal cliff for two months. they can play some game. but they cannot delay the debt ceiling. if we default at the end of february on our debt ceiling, that's a huge disaster. so that's the forcing issue, and that's what i see the compromise being resolved, whoever is president. >> norm, we have less than a minute left in the show. whoever becomes president while they're busy thinking about the transition if there's a transition or thinking about the inauguration and new term, they have to put their mind to this. does this become headline news starting the week after the election. >> assuming we have a resolution of the election, but the key here is how the markets react. we hadn't gotten much reaction leading up to the debt limit debacle last time which was generated deliberately by house republican leaders. now that you have the business community involved and they were largely awol the last time we had a crisis, and if we see a substantial market reaction just as we had with t.a.r.p. after house republicans voted it down the first tim
they can delay the fiscal cliff for two months. they can play some game. but they cannot delay the debt ceiling. if we default at the end of february on our debt ceiling, that's a huge disaster. so that's the forcing issue, and that's what i see the compromise being resolved, whoever is president. >> norm, we have less than a minute left in the show. whoever becomes president while they're busy thinking about the transition if there's a transition or thinking about the inauguration and...